Thinking about making home improvements or remodeling? Certain projects do wonders to increase your home value, while others not so much. Whether you’re looking to make these improvements in preparation for an upcoming move, or simply because you want to, here is a breakdown of what major and minor remodeling projects can do to your property value.
Replacing a roof is a necessary improvement, but unfortunately, it will not increase the value of your home. When listing a home, mentioning that the roof is new may help entice buyers, but you cannot raise your asking price to cover your costs.
Adding a room to your home can increase your property value, but it is dependent on the type of room you are looking to build. Adding another bedroom or bathroom is a fantastic way to add value to your home, but offices and living rooms can not only be costly but may steer buyers away due to additional heating and cooling costs.
In-ground Swimming Pools
Depending on your geographic location, adding a pool can either increase your property value or make your home more difficult to sell. In the southern half of the country, you are likely to see an increase, but the opposite is true in the north. Swimming pools increase energy costs, homeowners insurance, and can drive away many families with small children due to safety concerns.
Adding an outdoor living space to your home is a fantastic way to add property to your home. Whether extravagant or plain, a deck or patio increases the usable, livable space that a home provides, which attracts buyers.
Updating your kitchen adds value and makes your home more attractive to potential buyers, but you don’t have to build out a gourmet kitchen to do that. Replacing appliances and using modern colors can do wonders. What you need to keep in mind, though, is that you don’t want to make your kitchen nicer than the rest of your home or the neighborhood.
Insulation & Windows
Adding new insulation or energy-efficient windows not only reduces your energy costs but also adds value to your home. You can even earn a green energy tax credit when you complete your project!
Though sunrooms can be a lovely place to spend a sunny afternoon, they do very little to add value to your home. These spaces can increase your energy costs due to the lack of insulation and may be unattractive to buyers for that reason.
People choose to make home improvements for a number of reasons, from necessity to aesthetic appeal. If you’re looking to add value to your home, just keep the list above in mind! If you have any questions about home improvements or would like help deciding what might be the best value project to do reach out to one of our amazing agents today!
(Source: ReMax Results – Do Home Improvements Increase Your Homes Value?)